Price growth loses momentum

Price growth loses momentum

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House price growth in all the capital cities underwent a slowdown in the last quarter, according to the latest data from the Australian Bureau of Statistics (ABS).

Sydney remained the strongest market, with prices moving up by 2.3 per cent.

Nonetheless, this represents a significant drop from the December quarter results, when prices grew by 4.7 per cent.

According to the ABS analysis, movement in prices over the last three months is mainly attributable to activity in the $1 million-plus range for houses.

Brisbane and Perth also saw more moderate growth in the first half of the year.

Brisbane’s growth dropped by two per cent over the quarter, for a current rate of 0.8 per cent.

Perth dropped by 2.2 per cent, putting the March rate at 1.1 per cent.

In Melbourne, the decline was less extreme.

Prices grew by 2.3 per cent over the three months to March, compared to 2.6 per cent in the previous quarter.

Canberra was the only city to see negative price growth over March, with values falling by 0.1 per cent.

These results come amidst warnings that Canberra may experience a slump as a result of public service job losses.

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